AFP-NJ: 5 Things You Need to Know About What Tax Reform Will Mean for NJ

CONTACT: Lorenz Isidro, LIsidro@afphq.org or (703) 887-7724

 

AFP-NJ: 5 Things You Need to Know About What Tax Reform Will Mean for NJ

 

 

TRENTON, NJ – Americans for Prosperity-New Jersey (AFP-NJ) today released a list of five things New Jersey residents should know about what tax reform means for the Garden State. All year long, AFP-NJ has lead the charge on taking this once-in-a-generation opportunity to pass tax reform that will unrig the economy and make life better for all New Jersey residents.

 

5 Things You Need to Know About What Tax Reform Will Mean for NJ:

  1. Both the Senate and House Bills would double the standard deduction for single adults and couples, so far less people will itemize and be impacted by the reduction or removal of the SALT deduction.
  2. In fact, addressing SALT means that our state lawmakers and local officials will have more pressure to take action on reducing our state’s high property taxes.
  3. Both pieces of legislation substantially increase the child tax credits.
  4. Simplifying the tax code means that residents and job creators can spend less time trying to figure out the complicated tax code to comply, and more time on what matters to them.
  5. Because of the way our tax system works, taxpayers get the benefit of having their income taxed on a graduated scale–meaning that portions of their income are taxed at lower rates, with rates rising as income grows. So, while someone might fall into the 25 percent tax bracket, not all of their income is taxed at 25 percent. They are able to get the benefit of the lower brackets, according to the income thresholds. This means that a taxpayer’s effective tax rate is lower than the sticker rate–usually substantially lower.

 

AFP-NJ State Director Erica Jedynak issued this statement about the current bill texts:

“We are encouraged by the discussion and path forward for bold, once-in-a-generation tax reform. While the bills are not perfect and there is still a lot that Congress can do to improve them, it’s important that our congressional  delegation be part of the dialogue to compromise and provide tax relief for residents. Just saying ‘No’ isn’t enough. Many of the House members who voted ‘No’ also campaigned on a platform for tax reform, so it’s time for them to live up to those promises to the residents of New Jersey. We applaud Congressman Tom MacArthur for his leadership in being willing to step up, address real concerns by residents, and provide alternate solutions.”

Once the Senate approves its version of the bill, the House and Senate will meet to negotiate the differences between the two versions. Once that is done, the House and Senate will have another vote, and if the final version passes both chambers, the bill will then be sent to President Trump for his signature.

 

Background:

Americans for Prosperity has made tax reform its top federal priority this year. The group’s 36 state chapters held over 75 grassroots events throughout the summer and fall, with AFP partnering with members of the local community, members of Congress and policy experts to highlight the beneficial impact of tax reform done right.

In Washington, the group’s government affairs teams have advanced AFP’s vision for tax reform in over 1,000 meetings with Hill leaders. Last month, AFP key voted the 2018 House and Senate budget resolutions, which were critical to advancing tax reform.

 

 

For further information or an interview, reach Lorenz Isidro at LIsidro@afphq.org or (703) 887-7724. 

 

Americans for Prosperity (AFP) exists to recruit, educate, and mobilize citizens in support of the policies and goals of a free society at the local, state, and federal level, helping every American live their dream – especially the least fortunate. AFP has more than 3.2 million activists across the nation, a local infrastructure that includes 36 state chapters, and has received financial support from more than 100,000 Americans in all 50 states. For more information, visit www.AmericansForProsperity.org

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